31% of residents of Latvia plan to purchase housing in the near future, with 11% of them intending to do so within the next year or two, according to a survey conducted.
Residents planning to buy housing most often want to do so within the next five years - this was the response of 18% of residents in Estonia and 21% of residents in Lithuania.
The most active in considering the purchase of new housing in the coming years are the residents of Riga and the capital region - this was confirmed by 41% of respondents. A relatively lower interest in acquiring property is observed in Vidzeme and Kurzeme. This difference is likely explained by the fact that in these regions, the majority of the population already owns their own housing.
A similar trend is observed throughout Latvia: a comparatively large portion of society does not consider the issue of acquiring housing in the near future. 52% of residents of Latvia stated that they do not plan to buy new property. Most explain this by saying that they already own housing. At the same time, 9% of residents who currently do not have their own property do not plan to purchase housing in the long term.
Young people, particularly those in households of three or more individuals and with higher personal and household incomes, are the most likely to plan to acquire new housing.
Residents are becoming more optimistic and confident in their ability to purchase their own housing in the near future. The decrease in interest rates has significantly impacted demand and the population's ability to take out loans, stimulating activity in the real estate market.
In the first nine months of this year, the volume of issued housing loans increased by 71% compared to the same period last year - more than 2400 households in Latvia took advantage of financial support for the purchase of new housing.
